The Paycheck Protection Program is now more accessible but it’s still flawed
The latest changes to the Paycheck Protection Program, briefly explained.
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The Paycheck Protection Program a forgivable loan effort designed to help small businesses cover costs during the Covid-19 pandemic is now more accessible than ever, though it still doesn’t meet the needs of many firms.
The White House announced a new set of changes on Monday that aim to prioritize the smallest businesses and to bolster support for Black and Latino business owners who were left behind in the earlier waves of the program. These tweaks attempt to make the program’s loans more useful for people who are self-employed, and to clarify how noncitizens can apply. They also try to clear the queue for very small businesses by forcing banks and other lenders to only process applications from businesses with fewer than 20 employees, for a two-week perio
Tax filing season is here. The California Franchise Tax Board (FTB) and the federal Internal Revenue Service (IRS) are now accepting and processing returns for 2020 income. The IRS has made programming updates following December 2020 tax law changes that provided a second round of economic impact payments. Under these changes, eligible individuals will receive any stimulus funds not yet received as a Recovery Rebate Credit when they file a federal tax return on their 2020 income.
For faster refunds and increased accuracy, taxpayers are urged to file electronically and provide their direct deposit information. The deadline to file and pay any tax owed is Thursday, April 15, 2021. For this filing season, FTB expects to process 20 million personal income tax (PIT) returns; the IRS expects more than 150 million PIT returns.
Biden Announces Paycheck Protection Program Changes to Help Small Businesses
President Joe Biden on Feb. 22 announced changes to the federal program that’s aimed to help small businesses survive the COVID-19 pandemic.
The Small Business Administration will establish a 14-day period during which only businesses and nonprofits with fewer than 20 employees can apply for loans from the Paycheck Protection Program (PPP). The period will start on Feb. 24.
Larger companies will be able to apply for loans after the period ends, until the program expires on March 31.
Biden’s administration will also remove a restriction on giving loans to small-business owners who were previously convicted of felonies and owners who have been labeled delinquent for failure to pay off student loans.
Over objections from Republicans, lawmakers are moving forward with expanding a tax credit for low-income working Marylanders so that non-citizens can benefit.
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